London and Australia listed PYX Resources (PYX), the world's third largest publicly listed zircon producer by resource, has received a modified licence to export ilmenite.
Highlights
- With immediate effect the Company can start exporting ilmenite
- The company can now deliver prior orders
- A requirement to use two ports, one for loading and one for export was introduced
- PYX will use Banjarmasin for loading, Jakarta for export
Background
- PYX has been stockpiling ilmenite and rutile since 2022
- Had accumulated 10Kt of titanium dioxide by end December 2023
- Shipping ilmenite is a significant milestone
- Which will significantly strengthen its financial position
Market Intelligence
- PYX Resources is targeting 48,000 tons of zircon, rutile and ilmenite in a five year plan
- Has two large Mineral Sands deposits in Indonesia, one producing, the other with a renewed 10 year mining licence
- Aims to be a Mineral Sands consolidater, and is actively pursuing acquisitions in Kalimantan, Indonesia
- The PYX share price was up 4.6% on the news
"It has been a good start to 2024 and we are absolutely delighted with the quick turnaround in which we received our revised export licence. We remain well positioned to deliver on the orders placed throughout 2023 and are hopeful that we can update shareholder on the commencement of shipping imminently."
Oliver Hasler, Chairman and Chief Executive Officer of PYX Resources.
PYX Resources (PYX)